Resolution CMN No. 1034 — Provides for the calculation of commissions payable to Banco do Brasil S/A, BNDES, and CEF from the PIS/PASEP Fund

RESOLUTION NO. 001034

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on this date, having regard to the provisions of Article 2 of Complementary Law No. 19 of June 25, 1974, and Articles 11, sole paragraph, and 12, sole paragraph of Decree No. 78,276 of August 17, 1976,

HAS RESOLVED:

I - The net equity of the PIS-PASEP Participation Fund, determined at the end of each financial year, for the purpose of calculating the commission intended to cover operating expenses incurred by Banco do Brasil S.A. and Caixa Econômica Federal, regarding the services of collection, contribution control, and distribution of results, as well as all other tasks provided for in the Fund's Regulations, shall be represented by the following items:

a) participation quotas;

b) monetary correction of quotas;

c) collection of contributions from the current year, subject to the provisions of Article 4 of Decree No. 82,343 of September 28, 1978;

d) special reserve for capitalization, in the year in which it is distributed to participants.

II - In calculating the commission of the National Bank for Economic and Social Development (BNDES) referred to in Item IV of Resolution No. 778 of December 16, 1982, the net accounting equity of the Social Participation Fund (FPS) may be considered, with the deductions provided for in Article 4 of Decree No. 82,343 of September 28, 1978.

III - The Board of Directors of the PIS-PASEP Participation Fund may grant monthly advances to Banco do Brasil S.A., BNDES, and Caixa Econômica Federal, based on the budget forecast, for the payment of their remuneration as agents of the Fund.

IV - This Resolution shall enter into force on the date of its publication and shall also produce effects with respect to the 1984/85 financial year, with contrary provisions revoked.

Brasília-DF, June 28, 1985

Antônio Carlos Braga Lemgruber
President